Debit and Credit is an age-long basis of accounting for assets,expenses and liabilities. What is a Debit?

Mr. Muhammad Iqbal Abubakar has given a good answer

Generally in life must be there is a  balance 

Debtor means a person who took 

Creditor means a person who gave 

In Accounting 

It must be there is a balance between accounts 

So 

Debit defines: the increase in assets and decrease in liabilities 

Credit defines: Decrease in assets and increase in liabilities 

In other words, 

Debit means: increase in accounts receivable and decrease in accounts payable 

Credit  means:  Decrease in accounts receivable and increase in accounts payable

  So we can measurement  between the  accounts to meet  them  in balance and to get the actual results and the preparation of reports and financial statements

note :

debit  value  must be = credit value     always  

> A debit entry increases an asset account, expense account and contra revenue account and liability account, decreases revenue accounts and contra-asset accounts.

>Total debit should be equal to the total credit.

Debit and Credit are formal bookkeeping and accounting terms that have opposite meanings and come from Latin. Debit comes from debere, which means "to owe". The Latin debitum means "debt". Credit comes from the Latin word credere, which means "to believe".

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Debit is abbreviated Dr., while credit is abbreviated Cr.

"Debit" also refers to the left side of a general ledger account, while "Credit" refers to the right side. _____________________________________________________________________

A debit is also (informally) referred to as a "charge." A debit or credit changes the balance of an account. Asset and expense accounts increase in value when debited and decrease when credited, whereas liability, equity, and revenue accounts decrease in value when debited and increase when credited. This distinction is somewhat counterintuitive, until the nature of those accounts is more closely scrutinized. For example, revenue is coded as a credit. After recording a day's sales, the company will have credited a certain amount in revenue, and since credits are negative numbers, the balance grows more and more negative. An adjustment to revenue would need to be a debit, because its purpose is to bring the revenue totals closer to zero. __________________________________________________

It is often assumed that a debit decreases a balance, and a credit increases it, because this is how the terms are used on bank statements and using a debit card decreases the balance in one's bank account. However, this is because bank statements are traditionally written from the bank's perspective, where the customer's account is a liability. By withdrawing money, the customer is decreasing the bank's liability. Since liability accounts normally have a credit balance, the withdrawal of cash from a banking account is reflected on the bank's balance sheet as a debit.

Source:

http://en.wikipedia.org/wiki/Debit_and_c...

An accounting entry that results in either an increase in assets or a decrease in liabilities on a company's balance sheet or in your bank account. A debit on an accounting entry will have opposite effects on the balance depending on whether it is done to assets or liabilities, with a debit to assets indicating an increase and vice versa for liabilities.

DEBIT IS WHAT THE COMPANY HAVE LIKE  ASSETS ,CASH, A/R ,,,,,,,,

AND IT MUST = WITH CREDIT SIDE WHEN YOU MAKE AN ENTRY 

Debit >or  Debit Account (Dr Side ) is every account that related to what we own

Credit > credit Account (cr Side) is every account that related to what we owes

Accounting term abreviated as Dr. It is used for bookeeping. Debit refers to increase in assets on balance sheets, reducing of liabilities, recording of expenses, reversal of return etc.

The account which receives the benefit called" debit" whereas the account which gives the benefit is called "Credit". Identification of receiving benefit is related to the transaction.

for eg: If salary paid.

Salary a/c Dr (Service received from the employee)

 To Bank Account       (self explanatory)

As well as if the benefit stands less than one year we can treat the items as an expense or above one year it would be an Asset.

Joshi Mathew

CIA #1036906

Debit was comes in and credit was goes out. .